Newman v. Commissioner
United States Board of Tax Appeals
Proceeds of life insurance policies, in excess of $40,000 exemption, should be included in gross estate where decedent, who was a resident of Louisiana and died in 1928, retained to the date of his death power to change the beneficiary, notwithstanding the policies (except one) were all taken out prior to the enactment of the Revenue Act of 1918, and the premiums on the policies were paid out of community income.
1Opinion of the Court
*54OPINION.
Adams:
Petitioners contend that none of the proceeds mentioned in our findings should be included as á part of decedent’s gross estate, and, in any event, no more than one half of such proceeds should be so included.
In support of the contention that none of the proceeds should be included petitioners rely on three points, as follows:(a) The policies, having been taken out prior to the effective date of the Revenue Act of 1918, are controlled by the decision of the Supreme Court of the United States in the case of Lewellyn v. Frick, 268 U.S. 238. They form no part of the gross estate of…
2Cases cited30 opinions
- Poe v. SeabornSupreme Court of the United States · 1930
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Porter v. CommissionerSupreme Court of the United States · 1933
- Lewellyn v. FrickSupreme Court of the United States · 1925
25 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Bhada v. CommissionerUnited States Tax Court · 1987
- Goenaga Viuda de Pizá v. Secretario de Hacienda de Puerto RicoSupreme Court of Puerto Rico · 1962
- Bank of America Nat'l Trust & Sav. Asso. v. CommissionerUnited States Board of Tax Appeals · 1936
- Bhada v. CommissionerUnited States Tax Court · 1987
- Billings v. CommissionerUnited States Board of Tax Appeals · 1937
3 more not listed; retrieve them via the Exa API.